Essel Group, led by media mogul Subhash Chandra, is in for a rocky ride after losing control over two of its biggest cash cows — Zee Entertainment and Essel Propack. Both companies accounted for the bulk of the group companies combined post-tax profits last financial year and were debt-free on a net basis, unlike the rest, shows an analysis of its financials.
Five years ago, Subhash Chandra has passed on the control of the specialty packaging major -Essel Propack to his younger brother Ashok Goel as part of the family arrangement. A profitable and significant cash generator, Essel Propack was acquired by American private equity major Blackstone. Blacksote acquired majority stake in the company earlier this year for around Rs 2,200 crore.
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First Published: Fri, December 06 2019. 00:53 IST